This is part five of our five-part series as part of America Saves Week (April 7-11, 2025). For more information on this topic, as well as others, please visit AmericaSavesWeek.org.
Young, old, middle aged, when it comes to finances and savings, age is merely a number. Sure, kids may not understand what a 401K is, or have to pay any bills themselves, but learning about saving money – both why and how to do it – is of paramount importance
For the younger generation, learning about saving money can be important to establish a foundation for the rest of their lives. Whether they’re wanting to purchase that new game, clothes, shoes or whatever is the latest craze, knowing how to manage their savings in order to make the purchase themselves will set the children up to be more independent, financially savvy and more disciplined.
Saving money can be for a multitude of reasons … and people. Unexpected expenses, at some point or another, should almost be expected to occur. Those expenses may be for you, or perhaps your spouse or child. That’s why we need to be prepared for them. Major milestones, such as buying a home or car, or paying for school, are another reason to save.
And for those people whose careers are coming to a close, we need to be saving for retirement. As you know, all expenses add up. As do all savings. What are your retirement plans? Have you spoken to an advisor to see where your finances stand compared to those plans?
So, visit your local bank and talk to someone about opening a savings account that makes the most sense for you at this stage in your life and for whatever goal you’re hoping to accomplish (emergency funds, major milestones, retirement planning, etc). It’s very important in today’s world to break down any barriers that may exist in terms of discussing finances. It doesn’t matter whether you’re older, younger or somewhere in between, your age is only a number, and we’d all like the number in our savings to continue to grow.